BYND:CC - BYND Cannasoft Enterprises Inc. Announces Receipt of Nasdaq Minimum Bid Price Notification
(TheNewswire)
VANCOUVER, British Columbia – TheNewswire -- January 8, 2024 - BYNDCannasoft Enterprises Inc. (NASDAQ:BCAN) (CSE:BYND) (“BYNDCannasoft” or the “Company”) announced today that it hasreceived a written notice (the "Notice") from the NasdaqStock Market LLC ("Nasdaq") indicating that the Company isnot in compliance with the minimum bid price requirement for continuedlisting set forth in Nasdaq Listing Rule 5550(a)(2), which requireslisted securities to maintain a minimum bid price of $1.00 per share.Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granteda grace period of 180 calendar days to regain compliance with theminimum bid price requirement. The Notice does not immediately affectthe Company's Nasdaq listing or the trading of its ordinary shares.During the grace period, as may be extended, the Company's ordinaryshares will continue to trade on Nasdaq under the symbol"BCAN".
According to the Notice, the Company has until July 3,2024, to regain compliance with the minimum bid price requirement. TheCompany can regain compliance if, at any time during this 180-dayperiod, the closing bid price of its ordinary shares is at least $1.00for a minimum of ten consecutive business days, in which case theCompany will be provided with written confirmation of compliance andthis matter will be closed. In the event that the Company does notregain compliance after the initial 180-day period, the Company maythen be eligible for an additional 180-day compliance period if itmeets the continued listing requirement for market value of publiclyheld shares and all other initial listing standards for the NasdaqCapital Market, with the exception of the minimum bid pricerequirement. In this case, the Company will need to provide writtennotice of its intention to cure the deficiency during the secondcompliance period.
The Company intends to monitor the closing bid price ofthe Common Stock and consider its available options to resolve thenoncompliance with the Minimum Bid Price Requirement. There can be noassurance that the Company will be able to regain compliance with theNasdaq Capital Market’s continued listing requirements or thatNasdaq will grant the Company a further extension of time to regaincompliance, if applicable.
If the Company cannot demonstrate compliance by theallotted compliance period(s), Nasdaq's staff will notify the Companythat its ordinary shares are subject to delisting.
About BYND Cannasoft EnterprisesInc.
BYND Cannasoft Enterprises is an Israeli-basedintegrated software and cannabis company. BYND Cannasoft owns andmarkets "Benefit CRM," a proprietary customer relationshipmanagement (CRM) software product enabling small and medium-sizedbusinesses to optimize their day-to-day business activities such assales management, personnel management, marketing, call centeractivities, and asset management. Building on our 20 years ofexperience in CRM software, BYND Cannasoft is developing an innovativenew CRM platform to serve the needs of the medical cannabis industry.The Cannabis CRM System will include a Job Management (BENEFIT) and amodule system (CANNASOFT) for managing farms and greenhouses withvaried crops.
A subsidiary of BYND Cannasoft owns the patent-pendingintellectual property for the EZ-G device. This device usesproprietary software to regulate the flow of low concentrations of CBDoil, hemp seed oil, and other natural oils into the soft tissues of the female reproductive system to potentiallytreat a wide variety of women's health issues. The EZ-G deviceincludes technological advancements as a sex toy with a more realisticexperience, and the prototype utilizes sensors to determine whatenhances the users' pleasure. The user can control the device througha Bluetooth app installed on a smartphone or other portable device.The data is transmitted and received from the device to and from thesecure cloud using artificial intelligence (AI). The data is combinedwith other antonymic user preferences to improve its operation byincreasing sexual satisfaction. Commercialization of the EZ-G deviceis subject to receipt of regulatory approvals.
For further information, please refer to theinformation available on the Company's website: www.cannasoft-crm.com , theCSE’s website: www.thecse.com/en/listings/life-sciences/bynd-cannasoft-enterprises-inc and on SEDAR+: www.seda rplus.ca
Gabi Kabazo
Chief Financial Officer
Tel: (604) 833-6820
e?mail: ir@cannasoft-crm.com
Cautionary Note RegardingForward-Looking Statements
This press release includes certain statements that maybe deemed “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Actof 1933, as amended, and Section 21E of the U.S. Securities ExchangeAct of 1934, as amended. When used in this press release, the words“may”, “would”, “could”, “will”, “intend”,“plan”, “anticipate”, “believe”, “estimate”,“expect” and similar expressions are intended to identifyforward?looking statements. Those forward-looking statementsinclude, without limitation, statements regarding the Company'sexpectations for the growth of the Company's operations and revenue.Such statements are subject to certain risks and uncertainties, andactual circumstances, events or results may differ materially fromthose projected in such forward-looking statements.
Although the Company believes the expectationsexpressed in such forward-looking statements are based on reasonableassumptions, such statements are not guarantees of future performance,and actual events or developments may differ materially from those inforward-looking statements. Such forward-looking statementsnecessarily involve known and unknown risks and uncertainties, whichmay cause the Company’s actual performance and financial results infuture periods to differ materially from any projections of futureperformance or results expressed or implied by such forward-lookingstatements. Such statements reflect the Company's current views withrespect to future events and are subject to such risks anduncertainties. Many factors could cause actual results to differmaterially from the statements made, including future financialperformance, unanticipated regulatory requests and delays, finalpatents approval, and those factors discussed in filings made by thecompany with the Canadian securities regulatory authorities, including(without limitation) in the company's management's discussion andanalysis for the year ended December 31, 2022 and annual informationform dated March 31, 2023, which are available under the company'sprofile at www.sedar.com, and in the Company’s Annual Report on Form20-F for the year then ended that was filed with the U.S. Securitiesand Exchange Commission on April 27, 2023.Should one or more of these factors occur, or should assumptionsunderlying the forward-looking statements prove incorrect, actualresults may vary materially from those described herein as intended,planned, anticipated, or expected. We do not intend and do not assumeany obligation to update these forward?looking statements, except asrequired by law. Any such forward-looking statements representmanagement's estimates as of the date of this press release. While wemay elect to update such forward-looking statements at some point inthe future, we disclaim any obligation to do so, even if subsequentevents cause our views to change. Shareholders are cautioned not toput undue reliance on such forward?looking statements.
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